‘ American Airlines said it will eliminate service to 15 cities in October, thus reducing its flying capacity by 55%, and that, unless it receives additional bailout cash from the government, it will furlough and lay off some 19,000 workers, about a third of its staff. ‘
The work from home reality is destroying Honeywell’s business base. Business travel was down 97% year over year in July.
This also impacts the other honeywell businesses as office building are being cancelled worldwide. Pinterest just said they will pay a 90M lease cancellation penalty in San Francisco.
Honeywell aero will mirror these cuts in an effort to be “right sized”. MRO is going to be down to one building in a storage unit somewhere if these keeps up. Mega trends at work.
October looks to be the third horseman.